Sumitomo Mitsui Trust Group Inc. Sells 36,455 Shares of Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU)

Sumitomo Mitsui Trust Group Inc. trimmed its position in Futu Holdings Limited Sponsored ADR (NASDAQ:FUTU - Free Report) by 10.9% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 296,946 shares of the company's stock after selling 36,455 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.22% of Futu worth $30,392,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in FUTU. Norges Bank acquired a new position in shares of Futu during the fourth quarter valued at $39,163,000. GAM Holding AG lifted its position in Futu by 41.7% during the 1st quarter. GAM Holding AG now owns 8,500 shares of the company's stock valued at $870,000 after purchasing an additional 2,500 shares during the period. GF Fund Management CO. LTD. acquired a new position in Futu during the 4th quarter valued at about $11,482,000. Nomura Asset Management Co. Ltd. boosted its stake in shares of Futu by 189.5% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 39,047 shares of the company's stock valued at $3,123,000 after purchasing an additional 25,557 shares during the last quarter. Finally, Northern Trust Corp grew its position in shares of Futu by 89.8% during the 4th quarter. Northern Trust Corp now owns 348,413 shares of the company's stock worth $27,870,000 after buying an additional 164,892 shares during the period.

Analysts Set New Price Targets

Several brokerages recently weighed in on FUTU. JPMorgan Chase & Co. increased their price objective on shares of Futu from $160.00 to $170.00 and gave the company an "overweight" rating in a report on Friday, March 14th. UBS Group upped their target price on shares of Futu from $130.00 to $136.00 and gave the company a "buy" rating in a research report on Monday, March 17th. Finally, Bank of America increased their price target on Futu from $123.70 to $143.90 and gave the company a "buy" rating in a research note on Wednesday, June 11th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $131.98.

Futu Price Performance

Shares of Futu stock traded up $1.27 during trading on Friday, hitting $121.59. 785,638 shares of the company were exchanged, compared to its average volume of 2,913,845. The firm has a market capitalization of $16.92 billion, a P/E ratio of 20.27, a price-to-earnings-growth ratio of 0.96 and a beta of 0.60. The firm's fifty day moving average price is $110.32 and its 200 day moving average price is $100.99. Futu Holdings Limited Sponsored ADR has a 1-year low of $51.80 and a 1-year high of $130.88.

Futu (NASDAQ:FUTU - Get Free Report) last issued its quarterly earnings data on Thursday, May 29th. The company reported $1.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.95 by $0.01. Futu had a net margin of 41.74% and a return on equity of 23.07%. The firm had revenue of $603.43 million during the quarter, compared to analysts' expectations of $594.86 million. As a group, equities research analysts anticipate that Futu Holdings Limited Sponsored ADR will post 4.94 earnings per share for the current year.

About Futu

Futu Holdings Limited provides digitalized securities brokerage and wealth management product distribution service in Hong Kong and internationally. It offers online financial services, including securities and derivative trades brokerage, margin financing and fund distribution services through its Futubull and Moomoo digital platforms.